CARLSBAD, Calif., July 31, 2012 /PRNewswire/ -- Life Technologies Corporation (NASDAQ: LIFE) today announced that its Board of Directors has approved a share repurchase program, authorizing the company to purchase up to $750 million of its common stock. This is in addition to the approximately $62 million remaining as of July 31, 2012 from the existing share repurchase authorization of $200 million approved in July of 2011.
"We remain committed to a balanced capital allocation program that includes returning a significant portion of our free cash flow annually to investors and using the remaining cash flow to support strategic opportunities in key franchises and expansion into new markets," said Gregory T. Lucier, chairman and chief executive officer of Life Technologies. "In 2012, we have already spent $335 million to repurchase shares and are committed to executing on this new authorization beginning in the second half of 2012."
The share repurchase program may use open market and/or private transactions. The timing of the purchases will be subject to management evaluation of current market conditions, applicable legal requirements and other factors.
The company intends to finance the share repurchase program through available cash and, if needed, its revolving credit facility.
About Life Technologies
Life Technologies Corporation (NASDAQ: LIFE) is a global biotechnology company with customers in more than 160 countries using its innovative solutions to solve some of today's most difficult scientific challenges. Quality and innovation are accessible to every lab with its reliable and easy-to-use solutions spanning the biological spectrum with more than 50,000 products for agricultural biotechnology, transla
|SOURCE Life Technologies|
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